Seplat Petroleum Development Company Plc has clarified its dividend payment policy to Nigerian shareholders in the wake of news reports that the company was insisting on paying its Nigerian shareholders in dollars. The company which is listed on the London and Nigerian stock exchanges made the clarification in a statement by its General Counsel, Dr. Mirian Kachikwu which described the seeming confusion as a “simple misunderstanding.”
According to Kachikwu, “We are constrained to publicly clarify our dividend payment policy and set the records straight against the backdrop of recent media reports, obviously on the ground of a simple misunderstanding.
“Seplat has a diverse shareholder base and we pay dividends to our diverse shareholders in compliance with applicable Nigerian laws and regulations. For the avoidance of doubt, our final dividend for the full year 2014, following shareholder approval, on June 2, 2015, will be paid in naira, as applicable, to our Nigerian shareholders on June 10 2015.”
Dr. Kachikwu pointed out that the misunderstanding had arisen from an act of magnanimity on the part of Seplat which was applauded by shareholders but which is now being criticized.
“The slight confusion must have arisen when we paid our interim dividend in November 2014. We had given relevant ‘Nigerian’ shareholders who have domiciliary accounts the option of receiving their dividends in US dollars.”
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